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Impact on corporates of ISO 20022 migration in payments clearing & settlement

Key timing points
1:46 ISO 20022 programmes
6:14 Benefits and challenges
10:14 Recommendations for corporates
17:01 Closing remarks

CTMfile take: The move to ISO 20022 for the whole payment process in the high-value-payment systems which includes the adoption of the new standards in not only the actual payments, but also the payment data, and the messages between all the different parties, i.e. across the whole value chain of the payment, is a huge global initiative. Corporates need to keep fully briefed and working closely with all their banks and system suppliers. Dropping the ball on this one could cost you big time.

In this WEBchat,  Daniel Schwefer, Director at Deutsche Bank Global Transaction Banking, who is in charge of strategic payment data and global ISO20022 migration initiatives, describes the ISO 20022 programmes worldwide and how they are being coordinated. Next, he examines the key challenges and benefits in the move to ISO 20022 in high-value payment and clearing systems. He finishes with his recommendations on how to prepare and be able to take full advantage of the new data fields and standards.

The WEBchat covers:

  1. ISO 20022 migration programs
  2. Benefits and challenges
  3. Recommendations for corporates.

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